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Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, 55 par value. During the first year, the

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Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, 55 par value. During the first year, the company earned $320,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $47 cash per share. b. Reacquired 17,000 shares at $42 cash per share. c. Reissued 6,000 shares from treasury for $43 per share d. Reissued 6,000 shares from treasury for $41 per share 2. Prepare journal entries to record each transaction (no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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